CT losses from FHL can only be offset against future FHL profits but where a company has both FHL income and other property rentals Taxfiler currently consolidates the two sources (because all property income goes on the same tab) meaning that any FHL losses are automatically offset against other property rental profits of the same period. This is incorrect but we are advised that there is currently no workaround.
Simon Carr
Same for Business Tax, also FHL entered as a trade in order to maintain separate Capital Allowances calculations but then has to be manually removed from the trade section to the Land & Buildings section. Seems messy, is there any movement on the software being able to deal with this?
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